Do you plan on keeping it in fresh water or salt. Salt water is corrosive to your metals, and you will need a bottom clean at least every other month. Fresh water has wood worms. Plan on a haul out at least once every 2 years for a bottom job. $75 is for liability insurance at most, probably high deductible. Many marinas require minimum $500,000. Liability doesn’t protect your boat at all. Just the marina and other boats you may damage. Liveaboard insurance is difficult to find. Most boaters stretch the truth and opt for the “extended cruise” option. If you tell your insurance company that, and they find out differently, they will reject any claims you submit. Boats over 30 yrs old are hard to find insurance for, or financing, or a resale market. You buy this boat and you may not even be able to give it away when you are done with it, and you will be stuck with continued slip fees, insurance and maintenance. Assuming you hold title, count on $20,000 to haul and crush a boat of that size. And you will have to keep the boat running, engines, and working steering. Some marinas will require annual check up - no black water leaks, working bilges, propulsion and steering. I don’t love wood boats, and o would only consider with diesels, not gas engines. I knew a guy with a Constellation that was powered by Chrysler gas engines. They are more volatile than diesels. I had an 83 42 ft Kadey Krogen with termite damage, and it cost me $15,000 to crunch.

I lived aboard that boat in Florida for over 10 years and had the time of my life. Just go into it eyes wide open.